The cryptocurrency market concluded the week with a market capitalization of $2.59 trillion, a 3.07% increase over the previous day. However, trading activity decreased, with the 24-hour volume falling by 18.27% to $108.6 billion. Despite this, the market sentiments remained positive, with the Fear & Greed Index at 73, signaling widespread greed among traders.
Irrespective of a 0.26% drop to $76,258.45, Bitcoin maintained its dominance, accounting for 58.14% of the market. Ethereum showed solid momentum, rising 3.94% to $3,035.53 and maintaining a 14.05% market domination.
Curious about BTC’s future price? Our Bitcoin Price Prediction answers that and much more!
Weekly Crypto Market Recap
The MAS Aims to Strengthen Asset Tokenization
This week, the Monetary Authority of Singapore (MAS) made a key step in promoting asset tokenization. The central bank announced ambitions to expand its tokenization operations in the financial services sector. The establishment of market infrastructure and settlement methods to support the usage of tokenization is a key component of this strategy. Under Project Guardian, the MAS has already built connections with over 40 global financial institutions and policymakers, establishing Singapore as a global leader in digital finance.
Solv Protocol Locks Over 25,000 BTC
Solv Protocol has reached a new milestone, by locking in over 25,000 Bitcoins. With Bitcoin’s recent all-time high (ATH), the total value locked (TVL) on the platform has exceeded $2 billion. The Solv Protocol’s Staking Abstraction Layer has played a pivotal part in this increase by standardizing the Bitcoin staking procedure.
Binance Lists New Tokens: $COW and $CETUS
On November 6th, the Binance exchange announced the launch of two new tokens: Cow Protocol ($COW) and Cetus Protocol ($CETUS). The Cow Protocol, recognized for its permissionless trading structure, experienced an immediate 84% increase and reached a price of $42.1 million. Cetus Protocol, a MOVE-based liquidity protocol, saw an even greater increase of 85.47% after listing, indicating strong trading interest.
Bitcoin Soars Amidst U.S. Election Outcomes
Bitcoin price surpassed $76,000, boosted by news of Donald Trump’s victory in the US presidential election. The win fueled prospects for eventual cryptocurrency deregulation and favorable tax measures, reviving the market. Analysts believe that reduced reliance on traditional financial institutions and regulatory leniency could benefit decentralized currencies such as Bitcoin. Earlier today BTC achieved an all-time high of $77,252.75, highlighting its remarkable performance.
OSL Group Acquires Stake in CoinBest
In strategic expansion news, OSL Group, known for its digital asset trading and custody services, announced the acquisition of an 81.38% share in CoinBest, a Japan-compliant exchange certified by the Financial Services Agency, adding a substantial asset to OSL’s portfolio, establishing its presence in the regulated Japanese market. This acquisition establishes OSL as the first regulated cryptocurrency exchange in Hong Kong to expand its regulatory reach into Japan, indicating greater global ambitions.
Stay updated for more weekly highlights as the cryptocurrency landscape continues to evolve with significant developments and market shifts!
